Right before the FTX crash, bitcoin was trading above the $20,000 region, and after problems began to surface and the company declared bankruptcy, the bitcoin price fell nearly 19% lower than it was days before the fiasco. According to the list of official Bitcoin obituaries, the sliding cryptocurrency price has added another bitcoin obituary to the list of bitcoin deaths over the years.
2 more death notice calls have been added to the Bitcoin obituary list following the demise of FTX
It is safe to say that the collapse of FTX has brought cryptocurrency prices down considerably and since its demise List of bitcoin obituaries Hosted at 99bitcoins.com has added two deaths to the long list of written obituaries posted since December 15, 2010.
According to the list, bitcoin has died 466 times since 99bitcoins.com started the list of deaths. So far in 2022, nearly 22 bitcoin obituaries have been added this year, which is more than 2010, 2011, 2012, 2013, and 2020 in terms of deaths per year.
The latter two were registered after the FTX crash, and the former originated from Ramp Capital’s Twitter account. At the time of the obituary published, BTCThe unit value was approximately $15,880.78 per unit according to 99bitcoins.com.
“Crypto is dead today,” Ramp Capital chirp. “I don’t see how he recovers from this. Generational wealth has evaporated. Trust has evaporated.” In another statement and second Bitcoin obituary following Ramp Capital’s tweet, author Chetan Bhagat shared his article titled “Crypto is now dead.”
on Twitter Bagat He said: “Crypto is dead now: FTX, the cryptocurrency exchange, collapsed last week, proving a lot of amazing people horribly wrong,” quoting an excerpt from its editorial.
Bahgat and Rump Capital join the likes of renowned essayist Nassim Nicholas Taleb, an economist Peter Schiff, and several other people who also wrote death sentences in bitcoin. While 2022 has seen about 22 deaths so far and the year is almost over, 2017 saw the highest number of bitcoin deaths ever added to the list.
A total of 124 bitcoin obituaries were added in 2017 and the second biggest year was 2021. Both of those years were very bullish times for BTCThe price as both saw record highs in prices. Ironically, the first bitcoin obituary notes that “the only thing that has kept bitcoin alive for so long is its newness,” yet the so-called new hasn’t faded in 14 years.
The list of Bitcoin obituaries hosted on 99bitcoins.com is always an interesting read, but none of the alleged death calls have ever come to fruition. Bhagat and Ramp Capital’s latest obituary simply joins hundreds of others who believe ‘this time will be different’, and bitcoin will be brought to its knees.
Bitcoin, the leading cryptocurrencyBTC), however, is alive and well with its exchange rate beating like a heart. In terms of functional uptime, the Bitcoin network has been running without missing a beat 99.98785008872% Time since its inception on January 3, 2009.
What do you think of the latest bitcoin obituaries added to the list after the FTX crash? Tell us what you think about it in the comments section below.
Jamie Redman is the Chief News Officer at Bitcoin.com News and a financial and technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.
Image credits: Shutterstock, Pixabay, Wiki Commons, Images via 99bitcoins.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
As reported by NewsBTC, the VIX saw a trend reversal last Friday that could be significant for bitcoin as well.
The VIX Volatility Index shows traders the expected range of S&P 500 volatility. Significantly, there is an inverse relationship between the VIX and the S&P 500. A higher VIX usually means lower prices for the S&P 500, and vice versa.
Rising VIX threatens Bitcoin bulls
The VIX fell below the 19 level on Friday, a mark that has been very important over the past year.
In August, the last time the VIX was down, it later rose above 34, sending the S&P 500 down 15%. Bitcoin also saw a significant downtrend, driven by its relationship with the S&P 500.
On Monday, BTC rebounded from the horizontal resistance at $17,400 and fell below $17,000 as the VIX started its trend reversal with a stellar market open.
But yesterday, the Bitcoin bulls seemed to have the upper hand at first. While the S&P saw another decline of 1.4%, BTC price remained relatively stable at $17,000.
However, in the past few hours, BTC posted a retracement of around 2% and $350. At some point, BTC dropped to $16,691 after the VIX continued its bullish trend and climbed to the 22.46 level. At the time of publication, the price of Bitcoin is $16,828.
Investors should pay attention to the VIX. If the VIX sees another rally today, the BTC bulls could lose steam. After that, the support areas at $16,600 and $16,300 will be key.
Will Friday provide a harbinger for Bitcoin?
So, given Bitcoin’s rally A related relationship With the S&P 500, another pullback could be imminent. However, the VIX should not be used as the only indicator. The VIX is based on forecasts based on past events.
In addition, the VIX cannot account for sudden and unexpected events that may cause strong market reactions. Historically, it’s always been the case that the VIX can’t predict a bottom.
Key events are the determinants of when a bottom is reached. However, since the VIX is calculated based on forecasts, it cannot be key to detecting a change in trend due to sudden events in the market.
And the event that overshadows everything is next Federal Open Market Committee US central bank meeting on December 14, when the Fed decides on additional interest rate policy. It is noteworthy that the meeting will include a “summary of economic expectations.”
But even before that, there are two very important pieces of data that make predictions about how the Fed will operate.
While new inflation data will be published in the form of the Consumer Price Index (CPI) on December 13, the Producer Price Index (PPI) will actually be published on Friday, December 9.
This will really provide insight into how the CPI data will turn out. This is because the producer price index serves as a leading indicator of the consumer price index.
When manufacturers face input inflation, increases in production costs are passed on to retailers and consumers. Thus, the PPI can be a trend-setter.
If the producer price index (PPI) and consumer price index (CPI) continue to fall, at best more than expected, the odds of a Santa pool For Bitcoin is very high.
Kazakhstan is pushing ahead with regulation that will further stifle the bitcoin mining industry.
The country’s federal parliamentary body has completed secondary school consent from billAbout digital assets in the Republic of KazakhstanWith a third approval, the legislation will introduce new licensing requirements for bitcoin miners based on their facility ownership and operating structure. It will also require that miners purchase electricity from power provider Korem at market rates.
Previously, specific reporting and tax preparation Requirements fulfilled, including registering names, locations, and quarterly reports to the government. This occurred as a result Big flow of mining Center lack of energy and protests, all while bitcoin miners fled China in response to the government’s ban on bitcoin.
Kazakhstan’s close proximity to China and previously very favorable access to energy has led to a migration of large amounts of hashrate into the country. After that, Kazakhstan went so far as to capture it $200 million in mining equipment who have not complied with the regulations, and the state continues to attempt to absorb the benefits of streaming into bitcoin mining using legislation such as this recently approved one.
Bitcoin Magazine Previously mentioned On regulation in Kazakhstan, citing A.I Report From the Russian media TASS. In the report, Ekaterina Smyshlieva, a member of the Committee on Economic Reform and Regional Development of the House of Representatives (Kazakhstan’s federal parliamentary body), detailed the government’s intentions, describing how, “Kazakhstan has been used as a raw material appendage for the blockchain industry. [Through] Invoices, we oblige miners to license in Kazakhstan, that is, to create legal entities and become taxable at full capacity.
One-quarter of the global populace is going to be spending at least an hour a day in the metaverse by 2026, according to tech consulting firm Gartner, for shopping, gaming, education and more. But at some point, people are going to have to demonstrate that it’s really them behind the avatar.
That’s just one reason many believe that decentralized identity (DI) is likely to play an increasingly important role in Web3’s evolution. And even if DI has been generally overlooked by mainstream media, recent events suggest that is about to change.
Consider that in July, the World Wide Web Consortium (W3C) announced a new standard for decentralized identifiers, culminating years of mostly quiet work and deliberations in this area. In August, Gartner proclaimed DI a “must-know” emerging technology, where people can “control their own digital identity by leveraging technologies such as blockchain […] along with digital wallets.” Earlier this year, Ethereum co-founder Vitalik Buterin proposed Soulbound Tokens (SBTs), which would include many DI elements in a non-transferable NFT format.
Sometimes called self-sovereign identity (SSI), decentralized identity can play a key role in mitigating fraud, data breaches, social engineering and theft in the expanding metaverse, say technologists, but perhaps more importantly, it may impact broad and diverse sectors of human endeavor, including education, healthcare, law, travel and employment.
“I believe that SSI will be revolutionizing how we perceive identity management in the upcoming years,” Adam Gągol, co-founder of Aleph Zero, tells Magazine, while others suggest it is on course to disrupt traditional identity management.
“I’m not sure I would say ‘disrupt’ as much as ‘catalyze,’” Scott Kominers, an associate professor at Harvard Business School who has written about DI, tells Magazine. “My hope is that decentralized identity solutions will make existing sources of information on individuals’ background, activity history and interests more powerful and useful than before.”
“An NFT of a diploma in your crypto wallet, for instance, would turn into a permanent academic certification,” Kominers and Jad Esber wrote recently in a Future article.
Decentralized identity won’t necessarily exclude a bit of fun along the way, either. “With public histories, it would be possible to prove that you were early to a trend or active in a project before it took off — like, say, being into Taylor Swift before she was popular,” Kominers and Esber noted.
Recent events, like the collapse of the FTX crypto exchange, suggest other possible uses for DI/SSI, which can be applied to organizations as well as people. Fraser Edwards, CEO and co-founder at Cheqd, envisions “audit opinions issued as VCs [verifiable credentials], where the focus is less on sovereignty and identity but more on trusted data and reputation — i.e., ‘Do I operate in good faith?’ Or simply, ‘Am I trustworthy?’” he tells Magazine.
Decentralized identifiers and verifiable credentials
DI has two main components: decentralized identifiers (DIDs), which are like traditional identifiers — a legal name, an email address, a social security number, etc. — with the key difference that DIDs are controlled and sometimes even issued by individuals. An example would be an Ethereum account. You can create as many Ethereum accounts as you like and share them with whomever you like. There is no central repository. They reside on an encrypted decentralized digital ledger — i.e., a blockchain.
The second component is verifiable credentials (VCs). These can be derived from familiar credentials such as diplomas, library cards and passports, but again, they are not held on a centralized repository with a single point of control or failure, but on a blockchain where they can be read by machines. They offer familiar benefits like persistence and accessibility, but also more technical ones like cryptographic verifiability (your identity is more secure because it is encrypted) and resolvability — i.e., it’s possible to discover metadata about a user from that person’s DID.
Kim Hamilton Duffy, director of identity and standards at Centre Consortium, offers this example of how decentralized identifiers and credentials might work in an education and employment context:
A fictional “Sally” earns a master’s degree from the University of Oxford for which she receives a “digital diploma that contains a decentralized identifier she provided. This digital diploma is signed using a decentralized identifier which has been published and verified by the University of Oxford.”
Over time, Sally updates the cryptographic material associated with her DID, adding biometric protections and also a quantum-resistant algorithm. “A decade after graduation, she applies for a job in Japan, for which she provides her digital diploma by uploading it to the prospective employee’s website.” A decentralized identifier authenticates that she is the actual recipient of the degree. Moreover:
“Cryptographic authentication provides a robust verification of her claim, allowing the employer to rely on Sally’s assertion that she earned a master’s degree from the stated university without having to contact the university directly.”
Generally speaking, DI has grown with the expansion of blockchain technology, and almost all DI use cases involve a cryptographically secure blockchain at some point. DI is also developing along with zero knowledge technologies that, for example, “enable individuals to prove they own or have done something without revealing what that thing is.” A person applying for a mortgage, for example, would be able to prove that their income falls within a certain approved band without revealing to the bank their actual salary.
An important milestone?
The DI movement has arguably been flying under the radar, but the recent agreement on DI standards makes for faster progress. “The announcement of DID Core as a W3C recommendation is a very important milestone, something that many DI and SSI projects have been waiting for,” Markus Sabadello, CEO at Danube Tech, tells Magazine. It’s a signal to the whole ecosystem that the technology is ready, “not just for experimentation and proofs of concept but for serious solutions to real-life projects.”
“The W3C DID standard’s importance is on par with phone numbers or email address standards’ vitality,” Rouven Heck, decentralized identity lead at ConsenSys Mesh and executive director at the Decentralized Identity Foundation, tells Magazine. “A high level of interoperability becomes possible once every provider uses the same specification.”
Today, Big Tech players like Microsoft are conducting pilots, and even some governments, including the United States, Canada the European Union, Germany and Finland, have been looking at DI “as a tool to improve state-backed identity solutions,” notes Heck.
Still, the movement is arguably waiting for its first big use case. Pilots are happening at the fringes and are often modest in scope.
Germany, for instance, recently launched a private/public DI pilot for the travel and hospitality sector. Data from government ID cards and employee certificates were extracted and merged to create a single verifiable credential so that when a company employee checked into one of the 120 German hotels participating in the project, the front desk operator learned immediately from a swipe of the QR code on the guest’s mobile device that “this is really a traveler from that corporation and is allowed to use whatever services we have in in the contract,” reports Florian Daniel, chief information officer of Deutsche Hospitality, who added that the trial will soon be expanded beyond Germany’s borders.
It may seem surprising that pilots like these are happening in areas like travel rather than in healthcare or education or other places where the need for DI/SSI solutions seems more urgent. But cases like the travel example “are more straightforward to pilot, as less sensitive data is involved,” Heck tells Magazine.
Distributed identity’s impact in healthcare
Healthcare is one sector where DI could really change things. It sometimes defies common sense that a person’s health records are stored for years within a single hospital. At a minimum, decentralized identifiers would make it easier for individuals to change health service providers and platforms, but challenges remain.
“For clinicians, DIDs are much more of a sure thing because they enable better reputation registries and reduce the dependence on hospitals and other institutions as keepers of a clinician’s reputation,” Adrian Gropper, a medical doctor and chief technology officer of Patient Privacy Rights — a national organization representing 10.3 million patients — tells Magazine.
How close is DI to mainstream adoption in the healthcare sector? “It will take many years,” says Gropper, explaining:
“The single biggest obstacle is that clinicians have allowed hospitals to control their access to patient records, and hospitals have little incentive to break their control… and risk disintermediation from the clinician-patient relationship.”
DI solutions may be closer to fruition in areas like retail business. The convenience store sector has developed a DI solution called TruAge that’s aimed at curtailing underage purchases of products like alcohol and also restricting the amount of certain other products that can be purchased, Peter Steele, vice president of research at The Pinnacle Corporation, tells Magazine.
The system allows consumers to carry digital proof of their age on their mobile phones, “which can be scanned at a POS [point of sale] to approve age-restricted purchases,” says Steele, adding:
“It might be possible for an ‘adult’ to purchase a large number of vape products and then give them to kids. But with TruAge, they will be restricted from purchasing a large quantity — and that restriction is across all stores, not just one type of store, or a single store.”
TruAge is now being implemented by POS suppliers, adds Steele, but “it will take a few years before it becomes ubiquitous.”
Government’s role in decentralized identity
Many governments are also following DI progress. State agencies are likely to remain the primary issuers of many identifiers like driver’s licenses, birth certificates and social security numbers, even though DIDs and related technologies will eventually give governments less control over them, says Sabadello.
“I think it will take a few more years, but there are already several governments investing into DID technology,” he says. “The EU Commission has been promoting the EBSI/ESSIF infrastructure — which is based on DIDs — as a key building block of a European digital identity framework.”
The U.S. government is also looking into DI solutions. As reported, the U.S. Department of Homeland Security contracted with Danube Tech several years back to develop blockchain security solutions for digital documents like passports and green cards. Eventually, military commanders could send orders to troops in the field across decentralized digital networks, Sabadello tells Cointelegraph, and the soldiers could verify the order using DI solutions.
“In many EU countries, we already see the exploding popularity of gov-tech solutions allowing users to identify themselves using a smartphone app,” says Gągol. One-time Know Your Customer protocols replacing repeated uploads of passports, drivers licenses, health certificates, etc. should prove popular, though this will require “much more privacy-aware solutions, as typically a lot of sensitive data is passed around in the KYC process,” Gągol adds.
Questions about SBTs
Buterin created something of a stir in SSI quarters with his May paper on non-transferable “soulbound” tokens. Does the future belong to privately controlled digital wallets that contain one’s education and employment credentials, but also some social identifiers like “fanships” and recent travel destinations?